3 ways to speed up Singapore's transition towards a green future: Grace Fu & More News Here

SINGAPORE – The Republic should hold up the worldwide momentum in addressing the specter of local weather change amid urgent priorities such because the Covid-19 pandemic, rising inflation and geostrategic challenges, stated Minister for Sustainability and the Environment Grace Fu on Tuesday (June 7).

Speaking on the gala dinner of Temasek’s annual sustainability convention – Ecosperity Week – Ms Fu highlighted three ways the nation can speed up sustainability and local weather motion.

1. Catalyse motion towards inclusive transition

As the carbon tax is progressively raised to $50 to $80 per tonne by 2030, the income will assist the transition to a greener economic system by means of incentivising low-carbon options and cushioning the influence on companies and households.

Businesses more and more recognise the alternatives within the round, low-carbon economic system, whereas the alternatives of people can even play a position, stated Ms Fu.

“Individual action may feel insignificant and is indeed insufficient. However, our collective actions will enable us to achieve our ultimate common goals,” she added.

If customers keep away from disposables, purchase domestically farmed greens and fish, and select energy-efficient home equipment, as an example, these selections will create ripple results that speed up the event of extra sustainable merchandise.

From the center of subsequent 12 months, giant supermarkets will implement a disposable bag cost, which goals to encourage the general public to use reusable luggage and be extra considered of their use of disposables.

2. Unlock extra sustainable options

Technologies and options to decarbonise nonetheless stay out of attain or will not be but commercially viable, however business collaborations can result in new options, stated Ms Fu.

Last month, Singapore joined the First Movers Coalition with eight different nations, which is able to permit firms to harness buying energy and provide chains to create early markets for modern low-carbon applied sciences.

This serves as a launchpad for them to attain business scale and will open doorways for native companies to innovate with like-minded companions.

Ms Fu additionally cited the Jurong Island Circular Economy examine final 12 months, which analysed the vitality, water and chemical waste from 51 firms on the island.

The examine has offered insights on how to scale back useful resource use and increase Jurong Island’s competitiveness and sustainability.

A brand new analysis institute specializing in how to shrink the carbon footprint of the commercial sector – answerable for about 60 per cent of the nation’s whole emissions – was additionally set up on Jurong Island earlier this 12 months.

One focus space of the Institute of Sustainability for Chemicals, Energy and Environment is on lowering or eradicating planet-warming emissions.

This could be carried out by means of carbon seize, utilisation and storage applied sciences – which intention to seize greenhouse gases launched from industrial processes earlier than they attain the ambiance, after which both convert them into helpful substances, resembling chemical substances or retailer them underground.

The institute was set up by the Agency for Science, Technology and Research, which is working with industrial companions and different authorities businesses to examine and plan for the event of a carbon seize and utilisation translational take a look at mattress on Jurong Island.

3. Specialise in green finance and carbon providers

Ms Fu famous that Singapore is very deprived by its lack of pure renewable vitality sources, because it doesn’t have giant rivers to draw hydropower or huge lands for wind generators.

But with its fame as a world monetary hub, it’s effectively positioned to assist international locations with untapped pure renewable vitality sources by means of the buying and selling of carbon credit, she added.

For instance, polluting firms should buy carbon credit from a renewable vitality plant to offset and compensate for their very own emissions.

And with the Article 6 rulebook on worldwide carbon markets finalised on the United Nations Climate Change Conference final 12 months, Singapore may also help propel the expansion of green finance and carbon providers within the area, stated Ms Fu.

“This will enable businesses to access the capital they need to innovate, operationalise, and scale their green projects,” she added.

In March, Singapore and Indonesia inked a partnership, the place they’ll collaborate on carbon pricing and markets, and in addition discover financing options in carbon credit score tasks.

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